本报告导读： 近期支持政策不断，持续推荐创新药械及产业链。 投资要点： [Table_Report] 相关报告 医药《JPM 大会落幕，推荐创新药械产业链》 2026.01.18 医药《AI 技术发展迅速，引领制药领域创新变 革》2026.01.15 医药《医疗器械 26 年来催化频出，关注器械出 海、脑机接口、AI 医疗的投资机遇》2026.01.15 医药《Charles River 战略收购强化供应链，DSA 需求回暖提振 2026 年展望》2026.01.15 医药《ASH 2025：关注 MM、CLL 等研发进展》 2026.01.12 支持政策不断，持续推荐创新药械产业链 [Table_Industry] 医药 国泰海通医药 2026 年 1 月第四周周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 郑琴(分析师) | 021-23219808 | zhengqin@gtht.co ...

智通财经获悉，1月22日，由中欧基金葛兰与赵磊共同管理的中欧医疗健康混合披露2025年四季报。截至2025年12 月末，葛兰旗下在管基金总规模由去年三季度末的435.44亿元降至353.89亿元。目前，葛兰在管3只公募基金，分 别是中欧医疗健康、中欧医疗创新、中欧明睿新起点混合，其中规模最大的产品是中欧医疗健康。报告期内，中 欧医疗健康混合基金A类份额净值增长率为-14.81%，同期业绩比较基准收益率为-8.21%；基金C 类份额净值增长 率为-14.98%，同期业绩比较基准收益率为-8.21%。 持仓方面，中欧医疗健康的前十大重仓股依次为：药明康德(603259.SH)、恒瑞医药(600276.SH)、康龙化成 (300759.SZ)、泰格医药(300347.SZ)、百利天恒(688506.SH)、凯莱英(002821.SZ)、信立泰(002294.SZ)、海思科 (002653.SZ)、科伦药业(002422.SZ)、百济神州-U(688235.SH)。其中，海思科、泰格医药获增持，科伦药业、信立 泰等多只个股遭减仓。 | | | ○ 中欧医疗健康混合A 2025年4季度股票投资明细 | | | | | ...

1月22日，由中欧基金葛兰与赵磊共同管理的中欧医疗健康混合披露2025年四季报。截至2025年12月末，葛兰旗下 在管基金总规模由去年三季度末的435.44亿元降至353.89亿元。目前，葛兰在管3只公募基金，分别是中欧医疗健 康、中欧医疗创新、中欧明睿新起点混合，其中规模最大的产品是中欧医疗健康。报告期内，中欧医疗健康混合 基金A类份额净值增长率为-14.81%，同期业绩比较基准收益率为-8.21%；基金C 类份额净值增长率为-14.98%，同 期业绩比较基准收益率为-8.21%。 持仓方面，中欧医疗健康的前十大重仓股依次为：药明康德(603259.SH)、恒瑞医药(600276.SH)、康龙化成 (300759.SZ)、泰格医药(300347.SZ)、百利天恒(688506.SH)、凯莱英(002821.SZ)、信立泰(002294.SZ)、海思科 (002653.SZ)、科伦药业(002422.SZ)、百济神州-U(688235.SH)。其中，海思科、泰格医药获增持，科伦药业、信立 泰等多只个股遭减仓。 | | | ○ 中欧医疗健康混合A 2025年4季度股票投资明细 | | | | | 来源:天天基金 ...

Investment Rating - The report maintains an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][7]. Core Insights - The annual J.P. Morgan Healthcare Conference concluded successfully, with positive information from global pharmaceutical companies, including new pipeline disclosures and major deals. The report highlights the high prosperity in the innovative drug sector and recommends continuous investment in innovative drugs and the industry chain [25][26]. - The A-Shares pharmaceutical sector underperformed the market in the third week of January 2026, with the Shanghai Composite Index falling by 0.4% and the SW Pharmaceutical and Biological sector declining by 0.7% [8][27]. - The Hong Kong stock pharmaceutical sector performed in line with the market, while the U.S. pharmaceutical sector underperformed. The Hang Seng Healthcare index increased by 2.4%, and the S&P 500 Healthcare Select Sector decreased by 1.1% [28]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the high prosperity of innovative drugs and maintains overweight ratings for key pharmaceutical companies. It also recommends Biopharma/Biotech companies with promising pipelines and volume increases, as well as CXO and upstream companies benefiting from innovation [6][25]. Section 2: A-Shares Pharmaceutical Sector Performance - In the third week of January 2026, the A-Shares pharmaceutical sector's performance was ranked 17th among Shenwan primary industries, with a decline of 0.7%. The medical service sub-sector showed a positive performance of +3.3% [8][12][27]. Section 3: Hong Kong and U.S. Pharmaceutical Sector Performance - The Hong Kong pharmaceutical sector performed similarly to the market, while the U.S. sector underperformed. Notable gainers in the U.S. included MODERNA (+22%) and QUEST DIAGNOSTICS (+9%), while major decliners included BIOGEN (-12%) and BOSTON SCIENTIFIC (-10%) [28].

Group 1 - The A-share pharmaceutical sector has significantly outperformed the market, with leading innovative drug company Rongchang Bio surging over 11% [1][8] - The medical sector has shown some divergence, with the brain-computer interface concept maintaining its popularity, as evidenced by Meihao Medical achieving a 20% limit-up for three consecutive days [1][8] - The largest medical ETF in the market (512170) has been climbing towards its six-month moving average, reaching a new 20-day high [1][8] Group 2 - In the Hong Kong market, the overall index has retreated by about 1%, but the pharmaceutical sector has risen against the trend, with the high-volatility Hong Kong Innovation Drug ETF (520880) increasing by 3.42% and achieving a trading volume of 6.91 billion yuan, the highest in nearly two months [2][9] - Among the 37 innovative drug companies covered, 33 saw their stock prices rise, with Rongchang Bio in Hong Kong soaring nearly 13% [2][9] - The CXO concept stocks, including Kailaiying and Tigermed, both rose nearly 9%, contributing to a 3.14% increase in the Hong Kong medical theme index [4][9] Group 3 - Recent catalysts in the pharmaceutical field include the approval of Innovent Biologics' CTLA-4 monoclonal antibody "Daboshu" for domestic use, filling a gap in the dual immune new adjuvant therapy field [11] - A significant collaboration worth over 2 billion USD between Gakos and AstraZeneca has set a record for domestic clinical-stage small molecule cancer drug partnerships [11] - Analysts from various brokerages, including Pacific Securities and Guotai Junan, have expressed bullish views on the innovative drug and medical device industry chain, recommending continued focus on this sector [11][12] Group 4 - The upcoming launch of the Hong Kong medical ETF Huabo (159137) on January 12 is expected to attract attention as it tracks the Hong Kong medical theme index [4][11] - The strategy for the pharmaceutical sector emphasizes "innovation + internationalization" as the core theme for 2026, with a focus on innovative drugs and the medical device industry [11][12] - If consumer sentiment improves, the consumer medical sector, including medical services and OTC traditional Chinese medicine, is expected to enter a recovery phase [11]

Summary of Key Points from the Conference Call Industry Overview - The pharmaceutical industry is experiencing sustained growth, particularly in the innovative drug and device sectors, with leading companies such as WuXi AppTec, Tigermed, United Imaging, and Lepu Medical being highlighted as key players [1][2] - The consumer healthcare sector is expected to recover to positive growth by 2026 after a period of price stabilization, with a focus on underperforming segments like dental and ophthalmic products [1][5] - The brain-computer interface industry is at a critical juncture with technological breakthroughs and clinical validations, supported by policies and the production plans of companies like Neuralink, presenting significant investment opportunities [1][15] Company Recommendations - Recommended companies in the A-share market include: - Heng Rui Medicine - Kelun Pharmaceutical - East China Pharmaceutical - Enhua Pharmaceutical - Teva Biopharmaceuticals - Jingxin Pharmaceutical - Yifan Biopharmaceuticals - WuXi AppTec - Tigermed - Lepu Medical - United Imaging - In the Hong Kong market, recommended companies include: - Hansoh Pharmaceutical - 3SBio - Kelun Biotech - Kintor Pharmaceutical - Yifan Biopharmaceuticals - BeiGene [3] Market Trends and Performance Expectations - The overall strategy for the pharmaceutical sector remains unchanged, with a focus on innovative drugs and devices, expecting a positive shift in performance in Q1 2026 despite a downturn in 2025 [2] - The blood products sector faced significant pressure in 2024, but recovery is anticipated in 2025 due to new product launches [6] - The Chinese medical device market is expected to see optimistic revenue growth in 2026, driven by new product launches and successful bidding processes [11] - United Imaging is projected to have a strong market performance in 2026, benefiting from improved bidding data and expected overseas growth of over 30% [3][12] Specific Sector Insights - The innovative drug sector is actively evolving globally, with China significantly participating in the global R&D landscape, particularly in oncology and metabolic disease treatments [4] - The weight loss and metabolic drug sector is seeing numerous catalysts, with companies like Heng Rui and BoRui focusing on long-acting injection formulations and oral lipid formulations [1][17] - In the autoimmune sector, companies like Yifan, Haizhi, and Kangnuo are highlighted for their oral drugs and long-acting bispecific antibodies, with significant collaborations enhancing their market potential [1][19] Additional Considerations - The pharmacy sector is recommended to focus on leading companies like Yifeng, which is pursuing growth through mergers and acquisitions [7] - The microelectrophysiology market is expected to accelerate revenue growth in 2026 due to the launch of new products and successful bidding processes [10] - The impact of medical insurance negotiations on the GLP-1 market is crucial for increasing penetration rates, with positive policy support for innovative drug development [21]

Investment Rating - The report assigns an "Overweight" rating for the healthcare service industry [3]. Core Insights - The healthcare insurance fund's income showed stable growth in 2025, with a cumulative income of CNY 26,320.68 billion from January to November, reflecting a year-on-year increase of 2.9%. The income from urban employee insurance reached CNY 16,643.79 billion (+5.7%), while the income from rural resident insurance decreased by 1.6% to CNY 9,676.89 billion [2][4]. - The cumulative expenditure of the healthcare insurance fund from January to November was CNY 21,100.46 billion, marking a year-on-year increase of 0.5%. Urban employee insurance expenditure was CNY 12,033.33 billion (+2.4%), and rural resident insurance expenditure was CNY 9,067.14 billion (-1.9%) [4][9]. - The cumulative surplus of the healthcare insurance fund as of November 2025 was CNY 5,220.22 billion, with a surplus rate of 19.8%. The urban employee insurance fund had a surplus of CNY 4,610.46 billion (27.7%), while the rural resident insurance fund had a surplus of CNY 609.75 billion (6.3%) [4][9]. Summary by Sections Income and Expenditure - The healthcare insurance fund's income in November 2025 was CNY 2,800.58 billion, showing a month-on-month increase of 11.2%. The urban employee insurance fund's income was CNY 1,492.65 billion (+4.4%), and the rural resident insurance fund's income was CNY 1,307.92 billion (+20.1%) [9]. - The expenditure for November 2025 was CNY 2,064.22 billion, reflecting a year-on-year increase of 13.0%. Urban employee insurance expenditure was CNY 1,093.39 billion (+3.9%), and rural resident insurance expenditure was CNY 970.85 billion (+25.3%) [9]. Fiscal Health Expenditure - Cumulative health expenditure from the general public budget was CNY 18,687 billion from January to November 2025, with a year-on-year growth of 4.7%. The expenditure in November alone was CNY 1,810 billion, marking a significant increase of 32.5% [7][8].

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [4][8]. Core Viewpoints - The report continues to recommend the innovative pharmaceutical and medical device industry chain, highlighting a selection of A-share and H-share stocks with an "Overweight" rating [2][8][11]. - The performance of the pharmaceutical sector in December 2025 was weaker than the broader market, with the SW Pharmaceutical Biotechnology index declining by 4.1% compared to a 2.1% increase in the Shanghai Composite Index [18][30]. - The report notes that the premium level of the pharmaceutical sector relative to the entire A-share market is currently at a normal level, with a relative premium rate of 63.2% as of December 31, 2025 [29][32]. Summary by Sections A-Share Recommendations - The report lists the following A-share stocks with an "Overweight" rating: - 恒瑞医药 (Hengrui Medicine) - 科伦药业 (Kelun Pharmaceutical) - 华东医药 (East China Pharmaceutical) - 恩华药业 (Enhua Pharmaceutical) - 特宝生物 (Tebao Biological) - 京新药业 (Jingxin Pharmaceutical) - 益方生物 (Yifang Biological) - 药明康德 (WuXi AppTec) - 泰格医药 (Tigermed) - 乐普医疗 (Lepu Medical) - 联影医疗 (United Imaging) - 微电生理 (Microelectrophysiology) [8][9]. H-Share Recommendations - The report maintains an "Overweight" rating for the following H-share stocks: - 翰森制药 (Hansoh Pharmaceutical) - 三生制药 (3SBio) - 科伦博泰生物 (Kelun-Botai Biological) - 康方生物 (CanSino Biologics) - 映恩生物 (InnoCare Pharma) - 百济神州 (BeiGene) [11][12]. Performance Analysis - The report indicates that the 国泰海通医药 monthly portfolio outperformed the pharmaceutical index in December 2025, with an average decline of 1.8% compared to a 3.9% decline in the overall pharmaceutical index [14][15]. - The report highlights the best-performing stocks in December 2025, with 泰格医药 (Tigermed) increasing by 11.2%, 特宝生物 (Tebao Biological) by 7.5%, and 惠泰医疗 (Huitai Medical) by 3.9% [15][18].

Investment Rating - The report maintains an "Outperform" rating for several companies in the pharmaceutical sector, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with promising pipelines and performance growth in the Biopharma/Biotech sector, maintaining an "Outperform" rating for Innovent Biologics, WuXi XDC Cayman, and others [5][23]. - It highlights the performance of the A-Shares pharmaceutical sector, which underperformed the market, with the SW Pharma & Bio index falling by 0.2% while the SHCOMP rose by 1.9% [7][18]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is currently at a normal level of 66.7% as of December 26, 2025 [13][17]. Summary by Sections 1. Continued Recommendation for Innovative Drugs and Industry Chain - The report continues to recommend innovative drugs and the associated industry chain, highlighting the high demand and potential for revaluation in the pharmaceutical sector [5][23]. - Specific companies recommended include Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical, all rated as "Outperform" [5][6]. 2. A-Shares Pharmaceutical Sector Performance - In the fourth week of December 2025, the A-Shares pharmaceutical sector underperformed the broader market, with a decline of 0.2% compared to a 1.9% increase in the SHCOMP index [7][18]. - The best-performing sub-sectors included chemical raw materials (+2.0%) and medical equipment (+0.1%), while biological products saw a slight decline of -0.1% [9][18]. 3. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Biotechnology index down by 2.3% [18]. - In contrast, the U.S. pharmaceutical sector performed similarly to the market, with the S&P Healthcare Select Sector increasing by 1.0% [18].

Investment Rating - The report maintains a focus on the innovative drug and medical device industry chain, indicating a high level of interest in this sector [1][6]. Core Insights - The innovative drug sector is experiencing high prosperity, with a recommendation to pay attention to pharmaceutical companies that are likely to see a revaluation of their value, such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][25]. - The report highlights the Biopharma/Biotech sector, which is expected to see performance improvements as innovative pipelines are realized, with companies like Innovent Biologics, BeiGene, and others being of particular interest [6][25]. - Attention is also drawn to CXO and upstream companies benefiting from innovation, including WuXi AppTec and WuXi Biologics [6][25]. - The report emphasizes the potential recovery of leading medical device companies such as United Imaging Healthcare and Lepu Medical [6][25]. Summary by Sections A-Shares Performance - In the third week of December 2025, the A-share pharmaceutical sector performed similarly to the overall market, with the Shanghai Composite Index rising by 0.03% and the SW Pharma and Biotech index falling by 0.1%, ranking 19th among Shenwan primary industries [8][10]. - Sub-sectors that performed relatively well included pharmaceutical commerce (+4.9%), medical equipment (+1.2%), and medical services (+0.5%) [10][25]. - Notable individual stock performances included Anhui Huaren Health Pharmaceutical Co., Ltd. (+55.9%), Luyan Pharma (+36.8%), and ShuYu Civilian (+35.7%) [13][25]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Index down by 1.1% [19][25]. - In contrast, the U.S. pharmaceutical sector outperformed the market, with the S&P Healthcare Select Sector rising by 0.6% compared to the S&P 500's 0.1% increase [19][25].